Almaden Valley Home Prices Reach New High
Hope everyone had a wonderful holiday season and a great time ringing in the New Year. But don’t put away those champagne glasses just yet. We have more to celebrate as Almaden Valley home prices have once again reached a new record high!
I have included a couple of graphs showing trends for Almaden Single Family Homes since 2008. Data was obtained from MLSListings Inc. The first graph shows that the Median Sales Price reached a new high for the year in 2017 of $1,462,500, up 6.9% from 2016. While this figure and the graph incorporate all sales throughout the year, the Median Sales Price for December 2017 was a whopping $1,547,250, up 17.9% from $1,312,500 in December 2016. In fact, we had an amazing 4th Quarter as many buyers rushed to beat the signing in of the new tax law and the threat of rising interest rates. October 2017 was up 13.4% from October 2016, and November was up 10.2%. However, some months in 2017 saw a price decline from the prior year.
The second graph shows the number of new listings compared to the number sold. As we closed 2017 just about all the inventory was gobbled up, and by the beginning of 2018 there were only 8 single family homes on the market in Almaden.
We had the good fortune this week of having Oscar Wei, Senior Economist from California Association of Realtors, speak at our office meeting. He forecasts that we will continue to see prices increase at least through this year. Zillow is a bit less optimistic and forecasts a slight decrease for Almaden Valley home prices over the next year.
If you have any questions, feel free to contact me directly and I’ll be glad to help you out!
November 2017 Almaden Valley Real Estate Market Update
November 2017 Almaden Valley real estate market update… Almaden Valley real estate is experiencing the expected seasonal lull. The numbers of single family homes on the market, under contract and sold are down from October. Price per square foot dropped as well, from $619 in October to $590 in November, indicating that demand has softened, something we entirely expect to see this time of year as both buyers and sellers ease back from the market for the holidays.
When we compare November 2016 with November 2017, we can see that overall demand is strengthening. The number of active single family listings on the market in November 2016 was 29, as compared to 15 in November 2017. This gives us a pretty strong indication that inventory is tight. Price per square foot is up 4.6% this year at $590, compared to $564 last year. Although the number of homes that sold remained virtually unchanged during this timeframe, the number of homes under contract was dramatically higher this year (24 as compared to 19 the same time last year) despite fewer homes being on the market.
We should start seeing more buyers and sellers entering the market starting in January, but we’ve now entered what is likely to be the slowest time of the market. Prices are generally lower during the holidays than other times of the year, due to the slowdown in buyer activity. Now is a great time for buyers who are willing to sacrifice a bit of selection for favorable prices. If you’d like to know how you can take advantage of the holiday lull for YOUR home purchase, email, text or call me and let me show you how!
September 2017 Almaden Valley Real Estate Market Update
Data for September 2017 Almaden Valley Real Estate Market indicates that we are well into the annual holiday cooling cycle. The number of single family homes offered for sale, under contract, and sold have all dropped from August to September, which is quite normal for this time of year. When we compare last month to the same time last year, we see a rather dramatic difference in these categories. For last month, we saw 23 single family homes for sale, 20 under contract, and 25 sold. In September 2016, these numbers were 44, 27 and 35 respectively. This disparity is quite likely due to the fact that inventory in 2017 has barely met demand. In fact, when we look at the average price per square foot, the $628 we saw this past month is significantly higher than the $575 we saw September 2016, which is a pretty clear indication that buyer activity has been strong.
The price per square foot did drop from August’s high of $667, but we anticipate pricing to cool this time of year as well. Generally speaking, the holidays are usually a good time to buy, as many buyers drop out of the market until the new year, prices drop, and sellers can become more eager to make a sale before the end of the year. This year, though, it seems like buyers may not see quite the decrease in competition that they usually experience. Good deals can still be had, but data indicates that buyer interest is still keen despite the upcoming holidays.
If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!
